Investor Cambridge Information also elects president as board member
By Devika Patel
Knoxville, Tenn., Aug. 24 - InfoSpace, Inc. completed a $7 million private placement of stock with Cambridge Information Group I LLC on Aug. 23, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The company sold 764,192 common shares at $9.16 per share, which is a 3.5% premium to the Aug. 22 closing share price of $8.85.
Cambridge Information Group also received warrants for 1 million shares, which are each exercisable at $9.62 until Aug. 23, 2014. The strike price reflects an 8.7% premium to the Aug. 22 closing share price.
In connection with the placement, Cambridge Information Group's president Andrew M. Snyder was elected to fill the vacancy on InfoSpace's board of directors.
Bellevue, Wash.-based InfoSpace develops technologies used to locate content on the internet.
| Issuer: | InfoSpace, Inc.
|
| Issue: | Common shares
|
| Amount: | $7 million
|
| Shares: | 764,192
|
| Price: | $9.16
|
| Warrants: | For 1 million shares
|
| Warrant expiration: | Aug. 23, 2014
|
| Warrant strike price: | $9.62
|
| Investor: | Cambridge Information Group I LLC
|
| Settlement date: | Aug. 23
|
| Stock symbol: | Nasdaq: INSP
|
| Stock price: | $9.26 at close Aug. 23
|
| Market capitalization: | $357.07 million
|
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